Brazil’s CVM Establishes Experimental DLT Pilot as Chief Cites R$11.5 Trillion Fund Market

Brazil’s securities regulator has established an experimental pilot to test distributed-ledger technology (DLT) for securities operations as its president argues tokenization could help supervise a fund industry with R$11.5 trillion in net assets across 34,000 funds. The Comissão de Valores Mobiliários (CVM), Brazil’s securities regulator, is running the experiment under Resolution 249. CVM President Otto Eduardo Fonseca de Albuquerque Lobo made the case for tokenization Friday, Oct. 23. “The only way to supervise the market is through its tokenization,” Lobo said. The September 2026 figures showed the industry’s scale; net inflows totaled R$251.7 billion from January through September.